Agreement reached on alternative funding for Lokoja bridge construction

The Federal Government through Works Ministry has reached agreement with Julius Berger Plc on alternative financing structures for construction of Lokoja-Shintaku bridge in Kogi State.

This is part of the creative solutions to financing gaps in road infrastructure development and the innovative perspective of thinking outside the box by the Renewed Hope administration of President Bola Ahmed Tinubu.

The decision was reached when the Minister, Engr David Umahi met with Representative of Julius Berger Plc and Business Development Strategist, Filipe Nuno Lopes, and development partners.

Such as Deutsche Bank which was represented by the Director Structured Trade and Export Finance Middle East and Africa, Humaya Harati and the bank’s Chief Country Representative in Nigeria, Andreas Voss at the Minister’s office, Mabushi-Abuja on Tuesday.
According to the statement released from the Ministry,.Umahi said that the step was part of the measures of the Ministry in bridging the gap in road infrastructure funding.

He expressed hope that with the immense financing capacity, relationships, and lengthy records of the firm in arranging financing for projects in the African continent, the project target will be accomplished.
The Minister emphasized the need for the timeline for the procurement process to be streamlined so that construction of the project can start and be completed on a record time, while described the discussion as a credible path to the eventual financing of the project.

Also speaking, the representative of Julius Berger Plc and team lead, Filipe, assured that with the certificate of no objection issued by the Bureau of Public Procurement to the single source procurement of the bridge from Julius Berger Plc, the project would be moved forward.

The meeting was successful as it advanced discussions around project development and potential funding options.